Toyota Global Company
Student’s Name
Institution Name
Toyota Global
Marketing Plan
Introduction
Toyota Global is a company which was started in 2007. It is based in Boston and has a total asset value of US$ 2 million. In the 2011/12 fiscal year, it had a net income of US$ 1 million. It is the major producer of Toyota Corolla cars. Since its establishment, it has expanded to be one of the leading auto mobile companies in the United States of America (USA). Therefore, it has plans to establish new branches in Europe, Asia and Africa. This will not only enable it to become be a multinational, but also enable it to accomplish its mission: to be the leading automobile manufacturer in the 21st century. In order to achieve this goal, there is a need to have a good plan. This will be executed as discussed herein:
Marketing Mix
Marketing mix refers to a business tool which is used for determining the promotion of a commodity introduced or already existing in the market. It is a very important strategy which can help in determining the brand and uniqueness of a particular commodity in terms of promotion, price and product. In order to ensure that the company realizes huge volumes of sales for its products, it is paramount for the management to acknowledge the crucial contribution of consumers, costs, convenience and communication (Kieso, D. E. et al., 2007). They are great factors which must be considered when making marketing decisions.
Toyota Global Company will focus on promotion as the marketing mix of choice. It is in line with the company’s policies of creating awareness about its products. Sales promotion is the only way through which the company can inform clients and persuade them to buy its products. Sales promotion should be done by advertising the commodity in all the available media. However, this should only come after conducting an extensive marketing research. It can enable the Marketing Department to acclimatize itself with the prevailing conditions in the market before coming up with the right decision regarding the most appropriate medium to adopt. Marketing research can help the management to understand the level of competition and consumer demands. It becomes easier for it to manufacture a commodity which best suits their need.
In order to benefit from sales promotion, the company should understand its target audience. This will help in coming up with the most appropriate medium which they can access. For instance, if the if financial and educational statuses are focused, the management will come up with the most appropriate medium to ensure that they are reached. If it is found out that most of them can access broadcast or print media, the management should use radio, television, newspapers or magazines appropriately. This is the only way through which it will reach its target audience. As a result, they will get to know about the company and its products.
The other important thing to do is to be dynamic. When carrying out sales promotion, it is suggested that the company should be flexible in the choice of its medium. Since it plans to operate beyond the company’s borders, it is essential for it to ensure that it reaches all its targeted clients wherever they are located. The best way to achieve this is to adopt online marketing. Meaning, it should post its adverts in the internet. When doing this, it should select some popular sites such as Face book, Tweeter and MySpace. They are some of the most popular social sites which have lots of clients. This is the only way through which Toyota Global Company will extend its geographical coverage. A part from sensitizing the public, it can use the adverts to correct any image which might have been injured by its competitors.
Pricing
Pricing is a very significant aspect in business. It is the value at which a commodity exchanges in the market. There are very many factors determining the prices of goods and services in the market. In order for this company to achieve its long and short term goals, it must come up with the best marketing policies. Since automobile is a highly competitive industry, it is necessary for the management of Toyota Global Company to come up with attractive prices which can appeal to its clients. While conducting marketing plan, it is recommended that the management carries out a market research to understand government regulations, costs of production and consumer income. It can be instrumental in determining the price appropriate for the commodity.
It is only possible for the company to have a high rate of stock turn over if it adopts friendly prices. In other words, if it charges highly, it will discourage clients from purchasing its products. Otherwise, it can coax many clients to consider it as the best alternative in the market. This implies that the company can only attract more customers than its rivals if it charges lower prices as compared to them. Although lower pricing is recommended, the company should be careful not to charge extremely lower prices which can make it run at a loss. The major aim of any business is to make the maximum possible profit.
Product Modification
As already highlighted, automobile industry has become so competitive. In order for any company to survive, it must come up with viable strategies. For it to outdo all its rivals, it must manufacture high quality vehicles. Meaning, it should embrace modern technology and be creative in its production. Moreover, it should manufacture highly modified products which can meet the demands of its diverse clients. Each of them has a distinct taste and preference which must be satisfied. It should manufacture unique brads which can appeal to a large number of clients.
Channels of Distribution
It is so challenging to operating a multinational. First and foremost, it has a wide geographical coverage. Besides, it serves a lot of customers from diverse socio-cultural backgrounds. However, all of them should be served without any discrimination (Koichi, S., 2004).
For Toyota Global Company to access all of these clients, it has to adopt a multi-distribution strategy. Meaning, It should have a lot of chain stores located it each of its branches. At the same time, it should adopt the use of sales agents to be in charge of distributing its commodities. Finally, it should adopt online marketing. This requires the establishment of an online support department which should communicate with clients and direct them on how to place orders and make shipments.
Market Indicators
The activities of this company will be affected by internal and external forces. Since it does not operate in a vacuum, it must be affected by external pressures. This may operate in its favor or against it. It is essential for to carry out analysis to enable it determine whether it declines or advances its indices. The major indicators to be used in determining the strength of this company include Absolute Breadth Index, Advance/Decline Index, McClellan Oscillator and Arms Index (McCarthy, J.E., 2006).
Financial Overview
Financial analysis is necessary to be performed as part of the marketing plan because it will help in assessing the profitability, stability and viability of the company. The information gathered from the financial statements can enable the Board of Directors to make the most important decisions regarding this project. The following are some of the financial overviews for Toyota Global Company:
Toyota Global Company
Income Statement
YEAR INCOME (US$)
2007 700,000
2008 800,000
2009 812,000
2010 800,000
2011 890,000
2012 1,000,000
Ford Automobile Inc.
Income Statement
YEAR INCOME (US$)
2007 700,000
2008 770,000
2009 800,000
2010 860,000
2011 860,000
2012 940,000
Toyota Global Company
Budget
ITEM COST (US$)
Salaries and Wages 10,000
Transportation 1,000
Marketing 1,000
Production 10,000
Assets 20,000
Raw Materials 50,000
Tax 10,000
Others 2,000
TOTAL 104,000
References
McCarthy, J.E. Basic Marketing: A managerial approach. Homewood: Richard D. Irwin Inc.
2006. Print.
Kieso, D. E. et al. Intermediate accounting (12th Ed.). Hoboken: John Wiley & Sons. 2007.
P.1320. Print.
Koichi, S. Symbiotic marketing strategy. Tokyo: Souseisha Book Company. 2004. Print.
